Bitcoin Thread

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NarrowBandFtw said:
fun times if the Tether peg gets nuked, much wider impact than Terra
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Just about the entire market cap of the whole crypto space was built on pumping using freshly minted Tether. It will be the meltdown of the decade.
 
notayoba said:
Just about the entire market cap of the whole crypto space was built on pumping using freshly minted Tether. It will be the meltdown of the decade.
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indeed

upside: we'll finally know if it all truly rides on Tether as the doom prophets raised with the various court cases Tether faced

I support big meltdowns to shake out nonsense from the crypto space at times, but one that wipes me out completely will be a bitter pill to swallow :cautious:
 
NarrowBandFtw said:
indeed

upside: we'll finally know if it all truly rides on Tether as the doom prophets raised with the various court cases Tether faced

I support big meltdowns to shake out nonsense from the crypto space at times, but one that wipes me out completely will be a bitter pill to swallow :cautious:
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It was almost certainly pumped up using Tether printing. Whether or not it still rides on Tether we'll soon find out. Doesn't look like the peg is returning in a hurry.
 
None of the big players in crypto and whales think that USDT can collapse. It's fud driven by UST's collapse and people not understanding the difference between an algorithmic stable coin and an asset backed stable coin. The media and Janet Yellen have got people in a Tether frenzy over nothing.

But UST's collapse certainly is a massive blow to growth and credibility of the crypto sector. This mess is way worse than the covid crash.
 
Sensorei said:
None of the big players in crypto and whales think that USDT can collapse. It's fud driven by UST's collapse and people not understanding the difference between an algorithmic stable coin and an asset backed stable coin. The media and Janet Yellen have got people in a Tether frenzy over nothing.

But UST's collapse certainly is a massive blow to growth and credibility of the crypto sector. This mess is way worse than the covid crash.
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But no one except bitfinex knows what those 'assets' are.
 
Sensorei said:
Climb out from under your rock buddy. They had an audit done just a few months or so done by a highly accredited firm and published a detailed report.
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10% cash and the rest paper?
9a223ad2306cd35c77bb6bb7d8919ea3.jpg
 
Ok then climb back under rocks then. Only just over a third is commercial papers. Even if the commercial papers lost half their value due to share prices plummeting, no entity would take the financial risk to go to the lengths required to take out tether. Crazy. It's just sheep getting out of tether due to the media scare.

This is not some George Soros 2.0 crash where the banks were swamped in debt and already one step from insolvency.
 
Sensorei said:
Ok then climb back under rocks then. Only just over a third is commercial papers. Even if the commercial papers lost half their value due to share prices plummeting, no entity would take the financial risk to go to the lengths required to take out tether. Crazy. It's just sheep getting out of tether due to the media scare.

This is not some George Soros 2.0 crash where the banks were swamped in debt and already one step from insolvency.
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A portion of the paper is from 'related entities' so bitfinex gives Tether an IOU written on a napkin and then Tether calls it an asset. And the 'cash equivalents' include crypto, which isn't mooning right now.

If it was really fully backed they wouldn't be so cagey about what's backing it.

I'm not saying it's going to collapse today, but there is definitely a chance of it happening soon and the sharks are smelling the blood in the water.
 
notayoba said:
A portion of the paper is from 'related entities' so bitfinex gives Tether an IOU written on a napkin and then Tether calls it an asset. And the 'cash equivalents' include crypto, which isn't mooning right now.

If it was really fully backed they wouldn't be so cagey about what's backing it.

I'm not saying it's going to collapse today, but there is definitely a chance of it happening soon and the sharks are smelling the blood in the water.
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False, none of the paper includes crypto.

Only 6% of total reserves are listed as being in "other investments including digital tokens", which also includes USDC. Sharks are not smelling blood in the water. You are mistaking the sharks for wishful plankton and sardines that are about to be eaten by the real sharks.

Screenshot 2022-05-12 at 13.12.54.png
 
Sensorei said:
False, none of the paper includes crypto.

Only 6% of total reserves are listed as being in "other investments including digital tokens", which also includes USDC. Sharks are not smelling blood in the water. You are mistaking the sharks for wishful plankton and sardines that are about to be eaten by the real sharks.

View attachment 1307440
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Ok. I stand corrected on the crypto part. The rest stays true.

A massive portion of that 83% is a darkly obscured hole.
 
Sensorei said:
Lol, luckily unlike you the people who have any real sway, can look at those stats and understand them.
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'I can’t see any clothes at all,' the Emperor said.

'These,' the strangers said, 'these clothes are so special and rare that only the cleverest people can see them. They are too fine to be seen by stupid and ignorant people; that is the magic of these amazing new clothes!'
 
Not BTC related, but I am blown away at XRP recovery. Up 21.5% in the last 24 hours.
 
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